It is important to understand the main forces that are impacting London's economy to be able to consider the future trajectory of employment in London. Generally speaking, the ability to raise productivity directly correlates with the growth in an economy's income per head. Spurring productivity can occur through improvements in the abilities and skills of the workforce within that economy. The economy's openness to trade has implications upon the required qualifications and skills within that economy.
Studies show that economies with more open trade tend to grow faster. Firms are encouraged to be as efficient as possible in economies with more open trade policies. The demand for certain types of labour is thus affected by the state of the economy as a whole. In London, there has been strong growth in employment over the past thirty years in fields that include professional and business support services.
People with an ordinary or higher degree account for just under half of all jobs held in London. The labour market in London as a whole has been somewhat resilient during the period since the recession.
Skills London employers are demanding.
The drive to higher productivity through innovation, openness to trade, and competition has had a direct affect upon the economy of the United Kingdom (and London in particular), requiring structural changes to take place.
These changes have resulted in domestic resources shifting to more productive from less productive uses. What this means is that the skills and qualifications of workers in London's economy have needed to adapt to the shift.
Over the past decades, London has witnessed a movement toward service activities due to the various economic forces at work.
This is important information for people in recruitment consultant jobs in London to understand. It means that their jobs as recruitment consultants become vital for companies to find workers with the skills that are necessary to meet the challenges of the new economy. In London, recruitment consultants are also needed by candidates (job seekers) to help with career advice, training, information on salaries, and matching them with an appropriate position in one of the client companies.
For instance, in the medium term the forecasts for employment show growth in sectors like construction, transportation and storage, distribution, accommodation and food service workers and activities, and even business services, while other sectors are forecasted to shrink a bit like that of manufacturing, financial services, and some other public and private services. It becomes very important to seek out people in recruitment consultant jobs in order to get the labour market information that is needed in order to get a job that fits a candidate's skills set, and/or to find out how to gain the skills needed.
Future job growth in London.
In the medium term it is projected that the economy in London will spur growth in employment each year through 2015. In the longer term, jobs in London are projected to increase by approximately thirty-five thousand (35,000) jobs per year through 2036.
About half of these job increases are expected to come from real estate, professional, and scientific and technical activities sector. Since the demand for professional occupations is expected to increase in London significantly, this means there will be a higher demand for ordinary and higher degree level qualifications in the same period.
By the year 2036 it is projected that the proportion of jobs in London that will require either an ordinary or higher degree will reach fifty-three percent (53%). While this is the project of job demands, it is important to consider the projections of labour supply in this same period. It is estimated that London's working age population may increase by 1.2 million people, which suggests that more than eight hundred thousand more residents in London will be in employment by 2036.
Recruitment consultants can help people in employment who are looking for better employment opportunities or people not currently employed navigate the labour market with more confidence. This is especially true when the labour markets supply and demand results in the need for companies to find skilled workers that are the best fit for their available positions.
Candidates for jobs can gain a leg up in the labour market with an experienced and specialised recruitment consultant on their side. Recruitment consultants can help candidates connect their particular skills sets with vacant positions in companies.
They can even help candidates negotiate pay and benefits and can help candidates understand what types of training they may need in order to meet the requirements of jobs in the labour market.
Source: GLA Economics, London Labour Market Projections
